Tahoe City Condo Values | Market Report - Year End 2018

By
Real Estate Agent with Coldwell Banker, Tahoe City, CA (530) 414-1260 CalRE# 01473598

Tahoe City Condo Values | Market Report - Year End 2018

Looking for sold, year-end 2018 condo/townhouse market data for the Tahoe City?

Here is the year-end 2018 review for Tahoe City. The Tahoe City real estate market conditions continue to be strong, and favor Sellers.  

Inventory levels of available condos/townhomes for sale in Tahoe City remain critically low and limited with Buyers having very few buying options most price points.  On January 13, 2019 there were only 8 condos/townhomes for sale.

Condo/Townhome prices move up in 2018, and followed the over-all North Lake Tahoe - Truckee regional market trend. You can see on the graph below that the over-all Tahoe City price trend for the average median condo sold sales price move up.  

 

The Tahoe City condo prices were up +10.5% for 2018, with a median average sales price of $430,000 (TSMLS Areas 3-4).

A common question I am often asked by Buyers and Sellers is:

  • "What percentage of the listed price are Sellers getting on their Tahoe property?"

In 2018, Sellers realized 97.3% of the their listed price to the sold average median sales price in the Tahoe City area (MLS Areas 3-4).  

In every day terms this means Sellers are getting close to their full asking price, if they have priced their property correctly.

It also means Tahoe condo Buyers do have a little more wiggle room on price, which is not the case in the single family home market for Tahoe City homes sold that was at 99.5% in 2018. 

Real Estate Market Condo/Townhouse Activity for the Tahoe City Area: Year-End 2018 YTD Period:  01-01-2018 to 12-31-2018 | MLS Areas 3-4

  • Number of Condos Sold in Tahoe City: 42
  • Median Average Sold Sales Price for Tahoe City: $430,000
  • Average Sold Sales Price in Tahoe City: $3,535,000
  • Sold Price Range in North Lake Tahoe - Truckee:  $222,500 - $3.5+ Million
  • Percent (%) List to Sold Price Ratio:  97.3%
  • Average Days on Market (DOM in MLS)48 DOM
  • Number of Active and Available Condos for Sale in Tahoe City as of 01-13-2019:  8 (TSMLS Areas 3-4)
  • Pending Condo Sales in Tahoe City as of 01-13-2019: 2
  • Number of Distressed Available Listing – As of 01-13-2019:  Zero  (0) listings:  Zero (0) Court Approval, Zero (0) Short Sale, Zero (0) REO|Bank Foreclosures (MLS Areas 3-4)

Other interesting Tahoe City Condo/Townhouse market observations: Days on Market (DOM) dropped significantly from 70 DOM to 48 DOM for 2018. 

By comparison the number of days on the market for condo/townhome sales in 2018 was down -59.6% from the 117 DOM in 2016.

The shorter the marketing time for a home, the stronger the market is for Sellers. 

Inventory - Current inventory levels are critically low.  Again, another sign of the market favoring Sellers.

Reduced Transactions - The number of sold condo/townhouse sales in the greater Tahoe City area decreased 22%. 

This may be our first real signal that market conditions are changing, or it could just be reduced available properties combined with higher pricing.

As a result, I recommend looking at the entire North Lake Tahoe - Truckee Region for larger market trends. North Lake Tahoe - Truckee Home Values | Market Report - Year End 2018

 

If you already own a home in the Tahoe area and want to know what is your property is now worth? Call me call Laura Allen,  530.414.1260, for a confidential consultation.

 

Tahoe Condo/Townhome or Home Buyers should do the following:

  • See new listings as soon as possible.  Tahoe second property Buyers should try to driving up the next day to see the property and not wait until the weekend.
  •  
  • Ready, set, go!  Be prepared to make a buying decision immediately.
  • Work with an experienced local Tahoe Real Estate Agent.  They understand the market conditions, and many Buyer Agents know how the other side will work on their pricing and negotiation tactics. 
  • It's a small market and local knowledge is very valuable!  
  • If you will need a loan, make sure your lender has approved you.  You will need to move quickly and not having your loan lined up will put you at a disadvantage. 
  • If you are buying a condo or townhome in the area, make sure you are using a local lender. Using a local lender that has recently processed a loan in the complex you want to buy in will do two things for you.  One, you will have the confidence that the lender has already reviewed their HOA docs and previously approved the development, increasing your odds of the same outcome.  Second, Sellers that know you have selected a lender with this experience will give you extra credit for knowing your lender is ready to go on their property.

If you want more long-term North Lake Tahoe - Truckee real estate data, check out the following table that has a lot of data going back over ten years.

I've included both the average median sales price and average sales price (in some cases there is a significant difference between the two, but the trends are the same direction for both) are included for each year in the following table. 

Tahoe City Sold Condo/ Townhouse MLS Areas 3-4 | 01/01 – 12/31/2018

(This table is best viewed on a laptop, desktop, or a device with a larger screen.)

    Year     Homes Sold Median Average Sales Price   Average Sales Price DOM Days On Market   Lowest Price Sold   Highest Price Sold   % Cash Transactions   Distressed Sales   Breakdown of distressed Sales
2018* 42 $430,000 $681,636 48 $222,500 $3,535,000 42.9% 0% 0 REO’s 0 Short Sales
2017 54 $391,000 $591,618 70 $200,000 $2,600,000 42.6% 0% 0 REO’s 0 Short Sales
2016 41 $348,000 $458,462 119 $170,000 $1,510,000 43.9% 2.4% 0 REO’s 1 Short Sales
2015 40 $395,000 $545,273 77 $186,500 $2,201,000 32.5% 0% 0 REO’s 0 Short Sales
2014 34 $359,750 $499,797 89 $190,000 $2,110,000 50% 5.9% 0 REO’s 2 Short Sales
2013 43 $289,000 $426,087 129 $120,000 $1,400,000 37% 18.6% 2 REO’s 4 Short Sales 2 Court Approval Sale
2012 37 $290,000 $418,689 157 $110,000 $1,100,000 40.5% 16% 3 REO’s 3 Short Sales
2011 31 $262,500 $396,504 162 $120,000 $1,445,000 54.8% 22.6% 6 REO’s 1 Short Sales
2010 29 $314,000 $447,303 133 $165,000 $1,350,000 58.6% 20.7% 3 REO’s 2 Short Sale 1 Court Approval Sale
2009 17 $334,000 $475,823 136 $157,000 $1,250,000 29.4% 17% 1 REO’s 0 Short Sale
2008 11 $427,000 $814,681 179 $250,000 $2,200,000 54.5% 0% 0 REO’s 0 Short Sale
2007 21 $600,000 $761,6571 106 $288,500 $1,800,000 42.9% 0% 0 REO’s 0 Short Sale
2006 32 $476,500 $632,490 108 $298,500 $1,625,000 34.4% 0% 0 REO’s 0 Short Sale

REO's = Real Estate Owned, which is the name banks use for their bank foreclosed properties. Short Sales = Owner does not have the money to pay off all of the debt and asks the debt holders to take less back in order to close the sale.

*YTD period is 01/01/2018 – 12-31-2018.

Data Source: Tahoe Sierra Multiple Listing Service (TSMLS).  Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS).

Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TSMLS's may not reflect all real estate activity in the market.

All information is deemed to be reliable, but is subject to change, modification, and/or correction without prior notice. If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

Need more search options for Condo/Townhouses for Sale in North Lake Tahoe and the Truckee area by price range here:

Want to see other Tahoe City Market Reports? Here are recent past market reports for single family home sales for the entire North Lake Tahoe - Truckee homes for the region: Want to know what is going on in the North Lake Tahoe - Truckee Condo / Townhouse market?
When you’re ready to buy, or sell in the North Lake Tahoe - Truckee Region, call Laura Allen,  530.414.1260, with Coldwell Banker the top real estate brokerage in the Lake Tahoe – Truckee region!
 
For all of your Tahoe real estate needs –

 

Laura A. Allen | 530.414.1260  | Laura@TahoeLaura.com BROKER ASSOCIATE, Tahoe Real Estate Agent CalRE# 01473598 Coldwell Banker, Tahoe City, CA CalRE#01908304
All information is deemed reliable, but is subject to change, and/or correction without notice.
 
Tahoe City Condo Values | Market Report - Year End 2018
 

Comments (2)

Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Feb 08, 2019 12:07 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Laura.  Thanks for keeping us informed about the condo real estate market in Tahoe City.

 

Mar 08, 2019 05:29 AM